Indian markets likely to extend gains in line with global peers1 min read . Updated: 25 Nov 2020, 08:06 AM IST
- The Nifty50 hit a lifetime high of 13,079.10 points intraday on Tuesday, while the Sensex advanced to an all-time high of 44,601.63. The Sensex ended the day at 44523.02, up 1% or 445.87 points, while the Nifty closed at 13055.15%, up 1%
MUMBAI: Indian stock markets will likely textend gains from Tuesday, tracking advances in global peers
The SGX Nifty futures were 21 points higher at 13,182, having touched a high of 13,216 earlier in the session. Indian benchmark indices on Tuesday closed at record highs on continued foreign inflows.
The Nifty50 hit a lifetime high of 13,079.10 points intraday on Tuesday, while the Sensex advanced to an all-time high of 44,601.63. The Sensex ended the day at 44523.02, up 1% or 445.87 points, while the Nifty closed at 13055.15%, up 1%.
Foreign investors have bought shares worth $7.35 billion in November so far, a record for a month. Year to date, they bought over $13 bln in equities.
To be sure, domestic investors have pulled out nearly ₹35,588 crore from equities, the biggest ever monthly sale. In October, it sold nearly ₹17,950 crore worth of equities. So far this year DII have bought ₹8,529 crore in equities.
“The overall sentiment are strong and the market outlook is positive going forward. If the foreign fund inflows continue we can see higher levels on Nifty in coming days/weeks", said brokerage firm Motilal Oswal.
Asian shares opened with gains and US equity futures pushed higher after the Wall Street closed at an all-time high, with the Dow Jones Industrial Average topping 30,000 for the first time.
Gains were led by reports of formal start of the transition process for president-elect Joe Biden, a clearer sense of what his Treasury Department will have in policy preferences after he nominated Janet Yellen to the post, and successful results from vaccine trials.
Investors will eye minutes of the most recent Federal Open Market Committee meeting, U.S. jobless claims, GDP and personal spending data, due on Wednesday.
Back home, paints, oil marketing companies, and aviation stocks will be on investor radar with crude oil prices near three-month high.
Muthoot Finance will be on focus as the Reserve Bank of India has rejected a proposal by the company to buy IDBI Asset Management Ltd and IDBI MF Trustee Co. Ltd from IDBI Bank Ltd and IDBI Capital Markets and Securities Ltd.
IRB Infra will be in limelight after the company said toll rates for the SPV would be increased by 70% and the SPV will collect toll at revised rates on this project.